Canara Bank Personal Loan Highlights | |
Interest rate | 9.40% p.a. onwards |
Loan Amount | Up to Rs. 10 Lakh |
Loan Tenure | Up to 84 months |
Processing Fees | Up to 1% of loan amount sanctioned |
Types of Loans | Canara Home Improvement, Canara Pension, Teachers Loan and Canara Budget |
Canara Bank offers various personal loan schemes like Canara Budget, Canara Pension, Canara Home Improvement and Teachers Loan to cater to the financial needs of various groups of individuals. The loan amount sanctioned may be up to Rs. 10 lakh that may be used for purposes such as wedding, home renovation, medical expenses, vacation, etc.
Table of Contents
Features of Canara Bank Personal Loan
- Loan amount: The loan amount offered by Canara Bank on various personal loan schemes goes up to Rs. 10 lakh to fulfil different personal needs
- Flexible tenure: The tenure depends upon the type of personal loan scheme that you choose and the maximum tenure on offer is 84 months
- Multiple options: Canara Bank offers various loan schemes that are designed for different categories of individual applicants. These schemes are Canara Budget, Canara Pension, Canara Home Improvement and Teachers Loan
- Online application: Canara Bank personal loan can be applied online from the comfort of your home or office and ensures less documentation and quick disbursal of loan amount

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Canara Bank Personal Loan Interest Rates
The following are the interest rates applicable to various types of personal loans offered by Canara Bank:
Types of Personal Loan | Interest Rate (p.a.) |
Canara Home Improvement Loan | 9.40% onwards |
Canara Pension Loan | 10.20% onwards |
Teachers Loan | 10.90% onwards |
Canara Budget | 11.25% onwards |
Canara Consumer | 12.40% onwards |
Know more about Canara Bank Personal Loan Interest Rates.
Types of Canara Bank Personal Loan
1. Canara Home Improvement
This personal loan variant is available only to individuals who own an existing flat or house. Key features of this loan include:
- Loan is to be used specifically for the purchase of home furnishing and appliances such as air conditioners, refrigerator, etc.
- The maximum loan amount disbursed under this scheme is Rs. 2 lakh
- Tenure of this Canara Bank personal loan can be up to 60 months
- Interest rate for this loan starts at 9.40% p.a.
2. Canara Budget
Salaried individuals and professionals can avail the scheme to meet genuine personal or domestic needs other than speculative purpose. Some key features of Canara Bauget Loan are:
- The bank offers Canara Budget scheme loans for amounts up to Rs. 3 lakh
- Loan must be repaid within 60 months.
- Interest rates start from 11.25% and go up to 13.30% p.a. depending on applicant’s profile
3. Canara Pension
The features of this pension loan from Canara Bank for the general public as well as retired ex-Canara Bank employees are as follows:
- Canara Pension loan is offered to pensioners to help them meet their medical expenses and other genuine personal needs
- Ex-employees of Canara Bank can also avail the loan to pay premium of IBA Group Mediclaim Insurance policy
- Loan amount available is up to Rs. 10 lakh
- Loan repayment tenure can range up to 84 months
- Interest rates for Canara Pension loan starts at 10.20% p.a.

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4. Canara Teachers Loan
Canara Teachers loan is offered to teachers to fulfil personal/domestic needs and not for speculative purposes. Key features of this Canara Bank personal loan include:
- Loan amount of up to Rs. 3 lakh
- Repayment tenure of up to 48 months
- Interest rate for this loan starts at 10.90% p.a. and can go up to 12.95% p.a. depending on individual applicant profile
Eligibility Criteria
The eligibility criterion of Canara Bank Personal Loan varies as per the category of personal loan that you apply for. Therefore, the different eligibility criterion of various types of personal loans from Canara Bank is as follows:
1. Canara Budget
Applicant should be a confirmed employee of reputed PSU (Public Sector Unit)/joint stock company, Central/State Government , Lecturer / Asst. Professor / Professors of College / Research Institutions and Universities, Reputed Corporate/Public Limited Company/Private Institution or IT / BT Company.
2. Canara Pension
The following pensioners who are drawing their pension through Canara Bank are eligible for this loan:
- All State Government Pensioners
- All Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
- Pensioners of all Government Department Undertakings
- Pensioners of all Public Sector Undertakings/Corporate Pensioners
- Family Pensioners of all the above categories
- Retired Canara Bank staff pensioners and family pensioners of retired Canara Bank staff can also avail this loan.
3. Canara Teachers Loan
- You should be a part of the confirmed teaching/non-teaching staff working in a school/college
- You should be drawing salary through Canara Bank
- Undertaking letter from salary disbursing authority at District/Block level not to shift the salary account without NOC from the branch
- You should have a net take home salary of at least 30% of the gross salary after meeting the proposed EMI or Rs. 10,000 (whichever is higher)
4. Canara Home Improvement Loan
- You should be a salaried individual/ self- employed / individual engaged in business / professional / NRI owning a flat or house
- Salaried individuals must have at least a monthly net take home salary of 25% of their gross salary or Rs. 2000/- after meeting the loan instalments for the proposed loan
- Professionals and other non-salaried persons must have a minimum annual income of Rs. 50,000/- to be evidenced by Income Tax assessment order / return
Documents Required for Canara Bank Personal Loan
Like eligibility criteria, the documents required to apply for various types of Canara Bank personal loan also differ to some extent. Some common documents that may be required for each category are as follows:
- Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips, Form 16, ITR
Additional documents for Canara Budget
- Stipulated Loan Application with 2 copies of passport size photographs
- Latest Salary Certificate and Form No.16/ITR/ITAO for last 3 years
- Co-obligation
- Pronote / Pronote Covering Letter
Additional documents for Canara Pension
For General Public:
- Stipulated loan application with 2 copies of passport size photographs
- Co-obligation (unless waived by bank)
- Delivery letter to DPN (Demand Promissory Note)
For Canara Bank Ex-Employees:
- Loan application (Retail Lending)
- Irrevocable Mandate
- Delivery letter to DPN
- Letter to be addressed to Pension Disbursing Authority.
- Particulars of the loans granted should be noted invariably in the Pension Register/PPO maintained with the Pensioner and SB master in the system of the concerned borrower to ensure prompt recovery of loan installments. The fact of sanction of pension loan is to be informed to Pension Payment Authority.
- Production of Bills/vouchers (not mandatory)
Security Required
- Loan to Pensioners: Co-obligation of the spouse or any other person/ pensioner, as stipulated by the sanctioning authority
- Loan to Family Pensioners: Third party guarantee or co-obligation
Additional documents for Canara Teachers Loan
- Stipulated Loan Application with 2 passport size photographs
- Latest Salary Certificate and Form No.16
- Co-obligation where applicable
- Pronote/Pronote Covering Letter
- Undertaking letter from salary disbursing authority at District/Block level not to shift the salary account without NOC from the branch
Additional documents for Canara Home Improvement Loan
- Stipulated Loan application with 2 passport size photographs
- Latest Salary Certificate and Form No.16
- ITAO / IT Returns (for professionals and non-salaried persons)
- Proforma Invoices, cost estimates
Security Required:
- Mortgage of flat /house
- Hypothecation of assets created out of this loan
- Suitable personal guarantee / co-obligation
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How to Apply for Canara Bank Personal Loan with Paisabazaar?
The following are the key steps when applying for a personal loan with Paisabazaar:
- Fill out the online application form on Paisabazaar.com to get offers from various lenders as per the chances of approval
- Select the loan offer from Canara Bank (if available) or call Paisabazaar for further assistance
- The final step would be to fill out another online form asking for additional information so that your personal loan application can be forwarded to your desired lender
Personal Loan Verification Process
- Once your personal loan application is forwarded by Paisabazaar to the bank, the bank’s representative will call you for verification and to schedule a document pickup
- After you have submitted all the necessary documents, they are verified by the bank
- Once verification is completed, the bank calls you again with confirmation regarding the final offer from the bank that includes the loan amount, interest rate and tenure
- Once you agree to the terms of loan and sign the loan agreement, the amount gets disbursed to your account
Check Canara Bank Personal Loan Application Status
The following are the key steps for checking the status of your Canara Bank personal loan application:
Step1. Go to the Offline/Online loan application tracking page of Canara Bank
Step2. Enter your application number (generated/provided at the time of loan application submission) and then click on ‘Proceed’:
Fees and Charges
The following are the key fees and charges other than interest charges applicable to a personal loan from Canara Bank:
Types of Personal Loan | Processing Fees |
Canara Budget | 0.5% of the loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000 |
Canara Pension | Processing charges are waived in respect of the loans under this scheme |
Canara Teachers Loan | 1% of the loan amount with a minimum of Rs. 50 |
Canara Home Improvement Loan | 0.5% of the loan amount with a minimum of Rs. 1500 |
How to Login on Canara Bank Portal
The following is a step by step guide to log into the Canara Bank Portal:
Step1. Go to the Canara Bank online banking home page.
Step2. Login using your User ID and password.
Canara Bank Personal Loan Statement
You can access the personal loan statement from Canara Bank using the two available methods:
Online Method: Log into Canara Bank internet banking to view/download your personal loan account statement.
Offline Method: You can visit the nearby Canara Bank branch and request a printed copy of your personal loan statement (charges may be applicable).
Canara Bank Personal Loan EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Canara Bank PL changes based on loan tenure, loan principal and interest rate.
Loan principal @ interest rate | Monthly EMI Payout | ||||
1 year loan tenure | 2 years loan tenure | 3 years loan tenure | 4 years loan tenure | 5 years loan tenure | |
1 lakh @ 11% | Rs. 8,838 | Rs. 4,660 | Rs. 3,273 | Rs. 2,584 | Rs. 2,174 |
2 lakh @ 11.5% | Rs. 17,723 | Rs. 9,368 | Rs. 6,595 | Rs. 5,217 | Rs. 4,398 |
4 lakh @ 12% | Rs. 35,539 | Rs. 18,829 | Rs. 13,285 | Rs. 10,533 | Rs. 8,897 |
5 lakh @ 12.5% | Rs. 44,541 | Rs. 23,653 | Rs. 16,726 | Rs. 13,289 | Rs. 11,248 |
Get to know more about Canara Bank Personal Loan EMI Calculator.
Comparison of Canara Bank PL vs. Other Lenders
The following is a comparison of key features of Canara Bank personal loan verses other leading lenders:
Particulars | Canara Bank | HDFC Bank | Citi Bank | ICICI Bank | SBI |
Interest Rate | Starting from 9.40% p.a. | Starting at 10.75% p.a. | Starting from 9.99% p.a. | Starting at 10.25% p.a. | Starting from 9.60% p.a. |
Tenure | Varies from customer to customer | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 72 months |
Loan amount | Up to Rs. 10 lakh | Up to Rs. 40 lakh | Up to Rs. 30 lakh | Up to Rs. 20 lakh | Up to Rs. 20 lakh |
Processing Fee | Up to 1% of loan amount | Up to 2.50% of the loan amount | Up to 3% of the loan amount | Up to 2.25% of loan amount | Up to 1% of the loan amount |

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Canara Bank Customer Care
- You can call on 1800-4250-0018 (toll free, 24×7 works all the days except 15th Aug, 2nd Oct & 26th Jan)
- You can visit the nearest Canara Bank branch and
Also Read: Canara Bank Personal Loan Customer Care
Benefits of Applying for Personal Loan at Paisabazaar
- User- friendly: You can conveniently apply for personal loan on the user- friendly online portal of Paisabazaar. You can easily compare the interest rates offered by various banks on a single platform and can apply for a loan as per your requirement
- Quick in-principle approval: Once your personal loan application is submitted online, you will receive in-principle approval of your loan approval immediately
- Compare and choose: At Paisabazaar, you can easily compare interest rates offered by various lenders on a personal loan and you can choose the bank offering the lowest interest rate to make your EMIs affordable
- End-to-end assistance: Paisabazaar’s customer care team also offers you end-to-end assistance so that your application process is smooth and hassle- free
Important Aspects
- Credit score: This is a reflection of how you have handled credit in the past. Credit score plays an important role when evaluating your personal loan application. Therefore, it is necessary to have a good credit score before you apply for a personal loan otherwise your loan application might be rejected
- Repayment ability: You should never try to borrow more than you can repayment capacity. Evaluate your repayment ability by using Paisabazaar’s Personal Loan EMI Calculator and choose a loan amount, interest rate and tenure that suits your requirement
- Know all fees and charges: There are various fees and charges other than interest rate that you might have to pay if you apply for a personal loan. These includes processing fees, late payment charges, foreclosure charges, part prepayment fees, etc. It is important to know such charges beforehand to avoid any unpleasant surprises in the future
- Compare multiple options: When you compare interest rates and other loan features offered by various lenders on financial platforms like Paisabazaar, you can opt for a personal loan option that suits you unique requirements
FAQs
Q1. What will happen if I miss an EMI?
If you miss a loan EMI of Canara Bank, you may have to pay a late payment fee, penal interest on the due principal amount and your credit score might also get adversely affected.
Q2. I am a salaried professional and wish to opt for a loan to pay my father’s medical bills. Which loan scheme should I opt for?
You can opt for the Canara Budget loan scheme to deal with such a situation.
Q3. Can only individuals who have availed housing finance from Canara Bank apply for the Home Improvement Loan?
No, having a home loan from Canara Bank is not mandatory to apply for the bank’s home improvement loan.
Q4. How quickly does Canara Bank disburse a personal loan?
The time taken for disbursal of a personal loan by Canara Bank usually varies from one type of personal loan to another. That said, the in-principle approval for a personal loan is usually provided within 2-3 working days after submission of the completed loan application.
Q5. Can I apply for Canara Budget if I am a self- employed professional?
No, currently only salaried individuals can apply for Canara Budget loan.
Q6. How is my interest rate decided by Canara Bank?
At present, the interest rate offered on Canara Bank personal loans starts at 9.40% p.a. However, interest rate applicable to an applicant varies with the person’s individual applicant profile, personal loan variant opted for, loan amount and tenure desired, etc.